Daily Pivots: (S1) 1.6284; (P) 1.6333; (R1) 1.6369; More…
Break of 1.6322 minor support argues that rebound from 1.6211 has completed at 1.6403 after rejection by 55 D EMA. Intraday bias is back on the downside for retesting 1.6211 first. Firm break there will resume the whole decline from 1.6742, as the third leg of the correction from 1.7062. On the upside, above 1.6403 will resume the rebound from 1.6211 instead.
In the bigger picture, fall from 1.7062 medium term top is seen as a correction to the up trend from 1.4281 (2022 low). In case of deeper fall, strong support is expected around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound. Break of 1.7062 is in favor as a later stage.
